Table 5 The effect of industry competition and pension ownership
From: Cash holdings, corporate governance, and acquirer returns
(1) | (2) | (3) | (4) | |
|---|---|---|---|---|
Low Competition | High Competition | Low Pension | High Pension | |
E-index | −0.294** (−2.03) | −0.017 (−0.11) | −0.321** (−2.01) | 0.011 (0.09) |
ln(Assets) | −0.161 (−1.10) | −0.554*** (−3.32) | −0.221 (−1.30) | −0.469*** (−3.34) |
MtoB | 0.310 (1.38) | 0.597*** (3.15) | 0.283 (1.42) | 0.494** (2.47) |
Free Cash Flow | 0.207 (0.07) | 2.979 (1.15) | 1.661 (0.65) | 3.159 (1.09) |
Leverage | 2.252** (1.98) | 1.333 (1.08) | 1.274 (1.11) | 1.834* (1.66) |
Price Runup | −0.015*** (−2.73) | −0.012** (−2.17) | −0.010* (−1.88) | −0.017*** (−3.76) |
Industry M&A | −0.181 (−0.47) | −0.279 (−0.71) | 0.194 (0.49) | −0.642* (−1.78) |
Relative deal size | 0.933 (1.27) | 1.172 (1.31) | 1.484** (2.14) | 0.202 (0.20) |
HighTech | −0.405 (−0.70) | 0.901 (1.51) | 0.781 (1.14) | 0.170 (0.31) |
HighTech × Relative Deal Size | −4.287** (−2.11) | −2.265 (−0.81) | −4.516 (−1.64) | −2.358 (−1.02) |
Private Target | −0.743* (−1.84) | −1.160*** (−2.63) | −0.715 (−1.51) | −1.025*** (−2.70) |
Public Target | −2.719*** (−4.93) | −3.240*** (−4.97) | −3.393*** (−5.14) | −2.215*** (−4.24) |
Hostile Deal | 0.896 (0.83) | −1.061 (−0.87) | −0.163 (−0.13) | 0.339 (0.35) |
Cash Only | 0.685* (1.79) | 0.461 (1.14) | 0.366 (0.85) | 0.700* (1.94) |
Stock Only | 0.030 (0.04) | −0.868 (−1.11) | −0.384 (−0.52) | −0.617 (−0.82) |
Tender Offer | 0.695 (1.00) | 1.528* (1.68) | 0.989 (1.11) | 1.022 (1.45) |
Intercept | 1.858 (1.03) | 6.850*** (3.98) | 3.381* (1.77) | 3.489* (1.80) |
Adj. R2 | 0.052 | 0.042 | 0.041 | 0.055 |
N | 1,659 | 1,681 | 1,670 | 1,670 |